Good Faith Estimate - Kentucky
Hello. I'm considering a purchase of a commercial warehouse in Louisville, KY for $320k. This would be a first investment purchase and it would be through a partnership with 2 other partners. I'm trying to run some numbers, but need an idea of total cash we would need as well as a current interest rate.
Also, we'll need to know what down payment is required for this purchase. We'll look to finance over 30 years.
Can someone help me out with a good faith estimate?
Thank you in advance.
Most Popular Reply
The loan payment is calculated as if after 30 years of payments the loan will be paid in full, hence 30 year amortization . However, the bank wants the loan due in 20 years. You as the borrower get a lower monthly payment based upon the 30 yr amortization but have to payoff the loan balance at year 20, or refinance at that point.